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- Husband/Wife partnership 1065 transfer to 1040
Husband/Wife partnership 1065 transfer to 1040
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eva
Level 3
02-01-2024
05:54 PM
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Hello All,
Husband and Wife had a partnership that was created to buy/remodel/rent a home.
They refinanced the loan and the partnership ownership dropped off, naming the husband and wife as owners instead of the original partnership name.
Then a year later they did a 1031 exchange in their individual names.
I have to dissolve their partnership as it doesn't stand because of the 1031 exchange.
How do I distribute all the assets, rental home and vehicles, without creating undeserved losses?
Thank you
